Tax News for Ohioans

Via email:

Earlier today, we issued a statement from Rep. Boehner criticizing the return of the Tax and Spend Era under the new Democratic leadership. Boehner has been clear that the federal budget should be balanced without raising taxes, yet on the first day of the 110th Congress, House Democrats voted to make it easier to raise taxes on American families.

As expected, the budget unveiled by House Democrat leaders today proposes to raise taxes and increase spending far above and beyond the President’s budget request. I’d like to draw your attention to Treasury Department estimates indicating that 4.4 million Ohio taxpayers enjoy a lighter tax burden thanks to tax relief enacted under the 2001 and 2003 tax cuts.

More than 4.4 million Ohio taxpayers see lower tax bills due to Republican tax relief enacted in 2001 & 2003 with the support of President Bush – the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003;

869,000 business taxpayers in Ohio can use their tax savings from the 2001 & 2003 tax cuts to invest in new equipment, hire additional workers and increase wages;

More than 1 million Ohio taxpayers benefit from the reduction in income tax rates above 15 percent under both acts;

More than 1.2 million married couples in Ohio benefit from provisions in the tax cuts that increase the standard deduction for joint filers to double the amount for single filers. These two provisions were originally scheduled to be phased in between 2005 and 2009;

More than 1 million married couples and single parents benefit from the increase in the child tax credit under Republican-enacted tax relief from $600 to $1,000 that was scheduled to be phased in between 2005 and 2010;

878,000 taxpayers in Ohio benefit from the reduced tax rates on capital gains and corporate dividends under the 2003 tax relief.

Sure would be nice to see that tax relief for working families continue. Given their budget proposal today, though, it appears House Democrats have a different view.